Stock Market & Financial Investment News

RadioShack falls after report that lender talks complicating turnaround Electronics retailer RadioShack (RSH) is trading significantly lower today after a report that the company's turnaround efforts are being hampered by discussions with lenders. WHAT'S NEW: According to the Wall Street Journal, RadioShack is in heated talks with its lenders over the company's plan to close as many as 1,100 of its 4,300 U.S. stores. On March 4, RadioShack said that it expects to close up to 1,100 stores in the U.S. RadioShack CEO Joseph C. Magnacca said, "Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles... in order to consolidate our store base into fewer locations while maintaining a strong presence in each market. The result of that review is our plan to close up to 1,100 underperforming stores." WHAT'S NOTABLE: According to the Wall Street Journal report, RadioShack is moving forward with its store closings plan but is currently targeting just 200 stores, while some lenders are pushing for as many as 2,000 closings. PRICE ACTION: RadioShack shares are off by 33c, or almost 20%, to $1.36 in afternoon trading.